216 6th St W · Thief River Falls, MN 56701

$132,500

4 bd · 3.0 ba · 1,688 sqft · SingleFamily · 135 Days on market

Built 1940 2,962 sqft lot $78/sqft · 11% above area Est $119k · 11% over

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Why this score? — see what drove the C- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +23.1/30.0
• DSCR +7.4/10.0
• 1% rule +5.9/10.0
• Schools +3.7/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +2.4/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Looks can be deceiving! This home has 4 beds, 3 baths and is situated on a petite lot right in the heart of it all. Easy access and walkable to downtown restaurants, offices, and shopping. So much potential here! Call today, start packing tomorrow!

Key facts

• 2,962 sq ft lot
• Garage
• Built 1940

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath single-family listed at $132k.

Deal economics

• At list price, monthly cash flow is $238 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $132k).
• Recommended offer: $117k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.5% vs local median 5.5% in Thief River Falls — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 74/100 on livability (#219 in MN, #4,606 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: health & safety D+, amenities F, commute F.
• Thief River Falls School District (town): math 39% / reading 47% proficiency, ranked #201 of 301 in MN (top 67%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 102 active listings in the ZIP; 11 units permitted in Pennington County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $916 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Pennington County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 135 days — a 12% lower offer ($117k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $116,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 135 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
6. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
7. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
8. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.09% ✓
• Cap rate: 8.45%
• Cash-on-cash: 7.71%
• DSCR: 1.34
• GRM: 7.6

CMA / ARV

• ARV (median comp): $119,035
• List price: $132,500
• Delta: 11.31%
• Verdict: OVERPRICED
• Comps: 2 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
601 State Ave N	0.19mi	3/2.0 (-1)	1,601 (-5%)	21mo	$47,600	$30	56

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -4.5%
• Equity multiple: 0.83×
• Total profit: $-6,280
• Equity at exit: $19,756

10-year hold

• IRR: 5.2%
• Equity multiple: 1.38×
• Total profit: $14,138
• Equity at exit: $11,456

Cash invested: $37,100 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 46 Balanced
• State Minnesota: 46 Balanced · D+2
• County: — inherits STATE
• City: — inherits STATE

2024 reforms strengthened tenant protections; ramsey/hennepin courts paced moderate to slow.

Methodology + full state rankings →

ZIP-level market 56701

• Active inventory: 102
• Price-to-rent: 7.6×

Monthly cashflow live

• Estimated rent: $1,450 medium
• Mortgage (P&I): −$695
• Tax from tax record: −$158 /mo · $1,890/yr
• Insurance: −$55
• HOA: −$0
• Vacancy / Maint / Mgmt: −$305
• Net cashflow: $238

Break-even live

Break-even rent $1,149

Max offer price $132,500

Occupancy floor 79%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $33,125
• Closing costs: $3,975
• Reserves months: —
• Total cash needed: —

Listing history 25 events

1. 2026-06-18
   days on market $132,500 Active 135 DOM
2. 2026-06-17
   days on market $132,500 Active 134 DOM
3. 2026-06-16
   days on market $132,500 Active 133 DOM
4. 2026-06-15
   days on market $132,500 Active 132 DOM
5. 2026-06-13
   days on market $132,500 Active 130 DOM
6. 2026-06-12
   days on market $132,500 Active 129 DOM
7. 2026-06-09
   days on market $132,500 Active 126 DOM
8. 2026-06-08
   days on market $132,500 Active 125 DOM
9. 2026-06-07
   days on market $132,500 Active 124 DOM
10. 2026-06-07
    days on market $132,500 Active 123 DOM
11. 2026-06-04
    days on market $132,500 Active 120 DOM
12. 2026-06-02
    days on market $132,500 Active 119 DOM
13. 2026-06-01
    days on market $132,500 Active 118 DOM
14. 2026-05-31
    days on market $132,500 Active 117 DOM
15. 2026-05-31
    days on market $132,500 Active 116 DOM
16. 2026-02-03
    status Active 250-char remark

    Show marketing remark (250 chars)

    Looks can be deceiving! This home has 4 beds, 3 baths and is situated on a petite lot right in the heart of it all. Easy access and walkable to downtown restaurants, offices, and shopping. So much potential here! Call today, start packing tomorrow!

17. 2026-02-03
    historical 250-char remark

    Show marketing remark (250 chars)

    Looks can be deceiving! This home has 4 beds, 3 baths and is situated on a petite lot right in the heart of it all. Easy access and walkable to downtown restaurants, offices, and shopping. So much potential here! Call today, start packing tomorrow!

18. 2026-02-02
    listed $132,500 250-char remark

    Show marketing remark (250 chars)

    Looks can be deceiving! This home has 4 beds, 3 baths and is situated on a petite lot right in the heart of it all. Easy access and walkable to downtown restaurants, offices, and shopping. So much potential here! Call today, start packing tomorrow!

19. 2026-02-01
    historical
20. 2025-08-26
    price $133,000
21. 2025-07-16
    status Active
22. 2025-07-13
    historical Contingent - Inspection
23. 2025-07-09
    listed $134,900 Active
24. 2021-05-25
    soldstatus $129,900
25. 2013-03-11
    soldstatus $61,800

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast MN · Partial reset (capped growth)

• Current annual tax: $1,890 · $158/mo
• Projected year-2 tax: $1,890 · $158/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 1/10 Low 7 d/yr ≥94°F today · 12 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,404
• − Mortgage interest: −$7,422
• − Property taxes: −$1,890
• − Insurance: −$662
• − Repairs & maintenance: −$1,392
• − Management: −$1,392
• − Depreciation: −$3,855
• Taxable income: $791
• Est. tax owed @ 24.0%: −$190
• After-tax cash flow: $2,669/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Thief River Falls School District
• NCES district ID: 2738850
• Math proficiency: 39% ▼ -19.00%
• Reading proficiency: 47% ▼ -13.00%
• Median HH income: $49,239
• Composite: 36.88/100
• National rank: #4547
• State rank: #201 of 301 in MN

Livability — Thief River Falls

• Score: 74/100
• State rank: #219
• US rank: #4606

Category grades

Amenities F Commute F Cost of living A+ Crime A Employment C+ Housing A+ Health & safety D+ User ratings B

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Thief River Falls, MN
• City population: 12,814
• Population (ZIP): 12,814

Population outlook (Pennington County) Hauer SSP2

• Today (2025): 14,800 people
• By 2030: 15,030 · +1.6%
• By 2040: 15,402 · +4.1%
• By 2050: 15,601 · +5.4%
• By 2075: 15,659 · +5.8%
• By 2100: 14,231 · -3.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (88%)
• Race & ethnicity: White 88% Hispanic / Latino 5% Two or more races 4% Black 1% Asian 1%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Portuguese 34% Romanian 4% Lithuanian 4%
• Foreign-born: 3% · Canada
• Languages at home: 94% English-only · Spanish 3% French/Haitian/Cajun 1% Russian/Polish/Slavic 1%

Political lean MEDSL · Pennington

• 2024 margin: Solid R (+31.5) · D 33.1% · R 64.6% · Other 2.3%
• 2008→2024 swing: -33.6pp toward R · 2008: 2.1pp · 2024: -31.5pp
• All cycles: 2024: R+31.5 2020: R+27.0 2016: R+27.8 2012: R+4.3 2008: D+2.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -123.53%
• Current HPI: 136.4729
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 2.41%
• F500 in state: 34

Industry mix (Fortune 500 HQ in MN)

Industry	F500 HQs	Revenue
▸Healthcare	2	$407B
▸Retail	2	$150B
▸Consumer Goods	2	$32B
▸Industrial Machinery	2	$6B
▸Agriculture	1	$40B
▸Healthcare / Medical Devices	1	$32B

Price history

+114.4% since first listed

10 events — show timeline

• 2026-02-03 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2026-02-03 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2026-02-02 Listed $132,500 NORTHSTARMLS as Distributed by MLS Grid
• 2026-02-01 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2025-08-26 Price Changed $133,000 NORTHSTARMLS as Distributed by MLS Grid
• 2025-07-16 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2025-07-13 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2025-07-09 Listed $134,900 NORTHSTARMLS as Distributed by MLS Grid
• 2021-05-25 Sold (Public Records) $129,900 Public Records
• 2013-03-11 Sold (Public Records) $61,800 Public Records

Property tax history

+5.2%/yr

Latest (2025): $1,890 · +7.4% YoY. Source: county tax records.